SILVER SPRING, M.D. AND ALEXANDRIA, VA. — Insight Property Group has secured a total of $129 million in construction and debt financing for two apartment developments: Fenwick Station Apartments in Silver Spring, and Huntington Metro in Alexandria. Scheduled for completion in the spring of 2014, Huntington Metro will include 240 units located on North Kings Highway. Fenwick Station will be located on the site of the former Silver Spring Post Office at the corner of Spring Street and Second Avenue. The 310-unit building is expected to be complete in mid-2014. The projects were financed by separate equity and debt sources. David Webb and Jaime Butler of Cassidy Turley arranged both financings.
DORAL, FLA. — The 9250 Doral office building, currently the largest single block of available space in the Doral area, will undergo a multi-million renovation. Amadeus North America moved out of the property one year ago, leaving the 187,000-square-foot property fully vacant. Delma Properties, the building owner, plans to reposition the building into a multi-tenant office property. Delma is spending $1.5 million to refurbish the lobby and other common areas, which is expected to be complete by the end of this month. Exterior work includes upgrades to the entry fountain, pedestrian bridge, facade and parking for a total investment of more than $7 million. The property is located on Doral's main east-west throughway at 9250 N.W. 36th St.
BRENTWOOD, TENN. — Brasfield & Gorrie has started construction on Tractor Supply Co.'s new headquarters in Brentwood. The project will include two, four-story office buildings totaling 260,000 square feet and a 324,000-square-foot parking deck. The office buildings will be connected by a central two-story atrium. Hastings Architecture Associates designed the project, which is seeking LEED certification. The project is expected to be complete in the third quarter of 2014.
TALLAHASSEE, FLA. — Parkland Development Corp. will break ground this month on The Forum at Tallahassee, a 782-bed student apartment community in Tallahassee. The future four-story property is close to Florida State University, Tallahassee Community College and Florida A&M University campuses. The architect is Forum Architecture & Interior Design. The first building is expected to be ready for new residents in February 2014. The entire community is scheduled to be completed by May 2014. Parkland's student projects are known for high-end amenities. Harold Tomlinson, chairman and president, says this development will exceed its others in amenities, which will include an 11,000-square-foot outdoor pool deck and recreation area. The resort-style pool will feature a beach entry, spa and a Ping-Pong table and billiard table built into the pool. The 20,000-square-foot clubhouse will incorporate indoor basketball and volleyball courts with bleacher seating, a two-story fitness center with TechnoGym equipment and three tanning beds. In addition, students will have use of a high-tech business center with multiple study rooms, free high-speed internet, a Wii gaming room with dual life-size screens, coffee lounge, media center and a pet park. Greystar will manage the community, which will offer roommate matching and an active student living …
HARVEY, LA. — Crews have broken ground on a $20 million hotel project at Boomtown Casino in Harvey, approximately seven miles south of New Orleans. The project will take about 14 months to complete. The Lemoine Co. is the general contractor for the five-story hotel, designed by three: living architecture and Stewart Slack. The 150-room property will be built on land adjacent to Boomtown's existing facility. The hotel will include a fitness center, meeting space and 250 additional parking spaces.
PORT ALLEN, LA. — The Dow Chemical Co. has signed a 103,900-square-foot lease at 1870 Grand Terre Blvd. in the Baton Rouge West Distribution Center in Port Allen. Midland, Mich.-based Dow, an international manufacturer of chemicals and components used for consumer products, took occupancy on March 1. The new facility will enable Dow to save on shipping costs by streamlining distribution from its manufacturing plants elsewhere in Louisiana, according to Chicago-based HSA Commercial Real Estate, which developed the Baton Rouge West Distribution Center in 2008. The building features 30-foot clear ceiling heights, 80 exterior truck docks and 50-inch column bay spacing.
MIAMI — 1803 Wilmington Road Co. has acquired a Walgreens drugstore at the southeast corner of SW 26th Street and SW 142nd Avenue in Miami for $3.9 million. The seller, Morgan Property Group (MPG), acquired the 1.4-acre property in 2001 through its affiliate, and developed the freestanding drugstore. Morgan Real Estate, the brokerage arm of MPG, represented the seller in the transaction.
MARTINSBURG, WV. — Capital Heights Townhomes LP has received a $3.9 million loan for the refinancing of Capital Heights Townhouses, a 110-unit affordable housing property in Martinsburg, located in the Eastern Panhandle region of the state. The property was constructed in 1968 and renovated in 2004. Dougherty Mortgage's Austin office arranged the 10-year loan.
ORLANDO — Homewood Suites by Hilton has opened the 128-room Homewood Suites by Hilton Orlando Airport, adjacent to the Orlando International Airport. McKibbon Hotel Group Orlando Gateway HM owns the four-story hotel, which is managed by McKibbon Hotel Management Inc. The hotel includes complimentary Wi-Fi, a fitness center, outdoor pool, sport court and 760 square feet of meeting space.
The Nashville metropolitan statistical area (MSA) comprises 13 counties and a population of approximately 1.45 million, which represents a 47.2 percent increase since 1990, nearly 2.5 times the national average of 19.2 percent for the same period. With a host of world-class companies like Dell, Nissan, HCA and Sprint PCS, Nashville has become a destination for a young, progressive generation of families. Over the past decade, the Nashville area saw tremendous increases in several areas: population growth in the region has gone from 53rd in the United States to 38th and income growth in the region rose from 138th in the United States to 49th. That takes the region from five percent below the U.S. median household income average to seven percent above it. Diverse and Growing Economy The Nashville region’s economy is diverse and thriving. Low unemployment, consistent job growth, substantial outside investment, and a well-trained labor force combine to make Nashville an attractive city for business. Nashville enjoys an unemployment rate that is historically below the national average, ending the year at 6.95 percent (compared to 8.3 percent for the nation). Nashville’s diverse economic mix is led by the manufacturing and healthcare industries, followed by publishing and printing, …